Historic Spokane Flour Mill
For Sale
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621 W Mallon Ave, Spokane, WA
Premier office suite in the Historic Spokane Flour Mill.
Property Size800 SF
Lot Size2.20 Acres
Price / SF$368.75
Days on Market302
Property Features for 621 W Mallon Ave
General Information
Standard status
Active
Size
800 SF
Lot size
2.20 Acres
Property subtype
OFFICE
Lease Type
Modified Gross
Properties For Sale
at 621 W Mallon Ave Contact us- Size
- 1,296 SF
- Type
- OFFICE
- Lease Type
- MODIFIED_GROSS
- Availability
- AVAILABLE
Office/Retail Space at the Historic Flour Mill
This beautifully finished space offers a unit blend of historic charm and modern...
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Listing Agency:
Windermere - Coeur d' Alene Realty
(208) 691-0390
Listed By:
Joshua Suhr
(208) 691-0390
Source:
Moodyscre
Added: Oct 30, 2025
Changed: Aug 25
Last Checked: Aug 26 at 10:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Windermere - Coeur d' Alene Realty
Investment Insights
Based on property information with market context.
Located in the Historic Spokane Flour Mill along the Spokane River, this office suite offers approximately 800 square feet of workspace. The suite combines architectural character with modern functionality. It is situated near the Spokane Arena, providing convenient access and a central location. The property includes two on-site designated parking spaces. It offers easy access from I-90 and a direct connection to the Centennial Trail, with riverfront recreation nearby. Dining and entertainment options are available, including Clinkerdagger’s and various shops and restaurants within the building. All furnishings are included in the sale.
Key Highlights
- Premier office suite in the Historic Spokane Flour Mill, a distinguished and highly desirable location.
- Includes two on‑site designated parking spaces, a rare and valuable amenity in downtown Spokane.
- Approximately 800 square feet of versatile workspace with character‑rich architecture.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,455
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$229,100
$229.1K
Cap Rate 7%
$163,643
$163.6K
Cap Rate 9%
$127,278
$127.3K
Market Conditions
NOI Build-Up for 800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$17.8K $22.20/SF
− Vacancy
−$2.5K −$3.11/SF
EGI
$15.3K $19.09/SF
− OpEx
−$3.8K −$4.77/SF
NOI
$11.5K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$229,100
Cap Rate 7%
$163,643
Cap Rate 9%
$127,278
Alternative Uses
Best Use
Office B
$163.6K
$143.2K – $190.9K
NOI $11,455 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$206.4K
$180.6K – $240.8K
NOI $14,448 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,159
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Premier office suite in the Historic Spokane Flour Mill.
Where is this office units located?
The property is located at 621 W Mallon Ave Spokane, WA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Premier office suite in the Historic Spokane Flour Mill, a distinguished and highly desirable location.; Includes two on‑site designated parking spaces, a rare and valuable amenity in downtown Spokane.; Approximately 800 square feet of versatile workspace with character‑rich architecture.
